India’s ambitious plan to expand its green energy capacity from just over 200 gigawatts (GW) to 500 GW by 2030 received a significant boost on Monday. New and Renewable Energy Minister Pralhad Joshi announced that the sector has secured substantial financial backing, with banks and financial institutions pledging a combined total of $386 billion (Rs 32.45 lakh crore).
At the annual Renewable Energy Investor’s Meet and Expo held in Gandhinagar, this announcement was accompanied by major updates from prominent Indian corporations and organizations. Major players such as Reliance Industries, Adani Group, Torrent Power, and NTPC, as well as green energy firms like ReNew, unveiled their extensive plans for expanding renewable energy capacity.
Minister Joshi highlighted the overwhelming support from various states, Union Territories, and key stakeholders, including developers, manufacturers, and financial institutions, all aligning with the target of achieving 500 GW by 2030. He further elaborated that developers have pledged to add an additional 570 GW of capacity. This includes 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers.
Among the states, Gujarat has committed the largest share, with a target of 128.6 GW of renewable energy capacity by 2030. Corporate giants have also made substantial commitments. Reliance Industries has pledged to install an additional 100 GW of renewable capacity by 2030. This will include 20 GW annually of integrated solar photovoltaic (PV) technology and an equivalent 20 GW in solar glass.
NTPC Ltd and ReNew have each committed to adding 41 GW and 40 GW of renewable capacity, respectively, by the same year. Meanwhile, the Adani Group has announced an investment of approximately Rs 4.05 lakh crore in the green energy sector.
Adani Green Energy is set to contribute 38.8 GW of renewable energy capacity by 2030, while Adani New Industries will establish a range of facilities, including a 10 GW solar manufacturing plant, a 5 GW wind manufacturing unit, a 10 GW green hydrogen production facility (with green hydrogen output of 0.5 MMTPA and green ammonia of 2.8 MMTPA), and a 5 GW electrolyser manufacturing plant.
Torrent Power has also made notable commitments, announcing an investment of Rs 64,000 crore to integrate renewable energy. This initiative is expected to generate employment for approximately 26,000 individuals. In a regulatory filing, the company revealed its two ‘Shapath Patra’ submissions to the Union Ministry of New and Renewable Energy.
The first submission outlines a target of achieving 10 GW of installed renewable capacity by 2030, with an investment of Rs 57,000 crore. This includes a Memorandum of Understanding (MoU) with the Government of Gujarat to develop a 5 GW solar, wind, or solar-wind hybrid project in Dwarka District.
The second ‘Shapath Patra’ details a plan for a 100,000 Kilo Tonnes Per Annum (KTPA) Green Ammonia production facility with an investment of Rs 7,200 crore. Torrent Power Chairman Samir Mehta emphasized the company’s dedication to advancing green energy solutions and aligning business operations with national priorities, while expressing gratitude to the Government of India for its supportive policies.
Additionally, state-owned power sector lender REC Ltd has pledged Rs 6 trillion in financing to bolster renewable energy integration. This is followed by commitments from the Indian Renewable Energy Development Agency (IREDA) and the State Bank of India, each promising Rs 5 trillion in support.
India’s installed renewable energy capacity has surged from 75.52 GW in March 2014 to over 207.7 GW today, marking a remarkable 175% increase over the past decade. During the same period, the total renewable energy generation in the country has risen by 86%, from 193.50 billion units to 360 billion units, as reported by the government.
